$AWH
Aspira Women's Health Inc.

2023 Q2 Form 10-Q Financial Statement

#000092661723000046 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $2.491M $2.316M $1.893M
YoY Change 20.57% 22.35% 26.54%
Cost Of Revenue $941.0K $1.125M $932.0K
YoY Change -14.45% 20.71% 4.37%
Gross Profit $1.550M $1.191M $961.0K
YoY Change 60.46% 23.93% 59.37%
Gross Profit Margin 62.22% 51.42% 50.77%
Selling, General & Admin $5.178M $5.729M $8.860M
YoY Change -33.41% -35.34% 57.74%
% of Gross Profit 334.06% 481.02% 921.96%
Research & Development $693.0K $1.231M $1.348M
YoY Change -50.85% -8.68% 54.59%
% of Gross Profit 44.71% 103.36% 140.27%
Depreciation & Amortization $52.00K $70.00K $64.00K
YoY Change -18.75% 9.38% -28.89%
% of Gross Profit 3.35% 5.88% 6.66%
Operating Expenses $5.871M $6.960M $10.21M
YoY Change -36.09% -31.82% 57.31%
Operating Profit -$4.321M -$5.769M -$9.247M
YoY Change -47.43% -37.61% 57.1%
Interest Expense $8.000K $26.00K -$18.00K
YoY Change -180.0% -244.44% -10.0%
% of Operating Profit
Other Income/Expense, Net $1.004M -$300.0K -$3.000K
YoY Change -7823.08% 9900.0% -70.0%
Pretax Income -$2.317M -$6.067M -$9.268M
YoY Change -71.89% -34.54% 56.55%
Income Tax
% Of Pretax Income
Net Earnings -$2.317M -$6.067M -$9.268M
YoY Change -71.89% -34.54% 56.55%
Net Earnings / Revenue -93.01% -261.96% -489.59%
Basic Earnings Per Share -$0.28 -$0.73 -$1.24
Diluted Earnings Per Share -$0.28 -$0.73 -$82.65K
COMMON SHARES
Basic Shares Outstanding 8.391M 124.9M 112.1M
Diluted Shares Outstanding 8.400M 8.313M 7.476M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.246M $7.535M $26.86M
YoY Change -79.27% -71.94% -54.79%
Cash & Equivalents $4.246M $7.535M $26.86M
Short-Term Investments
Other Short-Term Assets $706.0K $1.137M $1.620M
YoY Change -39.81% -29.81% 62.0%
Inventory $272.0K $302.0K $189.0K
Prepaid Expenses
Receivables $1.638M $1.554M $1.136M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.862M $10.53M $29.80M
YoY Change -70.11% -64.67% -51.44%
LONG-TERM ASSETS
Property, Plant & Equipment $261.0K $305.0K $480.0K
YoY Change -40.41% -36.46% -9.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $255.0K $145.0K $250.0K
YoY Change 347.37% -42.0%
Total Long-Term Assets $858.0K $968.0K $1.061M
YoY Change -19.06% -8.77% 14.83%
TOTAL ASSETS
Total Short-Term Assets $6.862M $10.53M $29.80M
Total Long-Term Assets $858.0K $968.0K $1.061M
Total Assets $7.720M $11.50M $30.86M
YoY Change -67.85% -62.75% -50.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.072M $867.0K $1.298M
YoY Change -21.98% -33.2% -18.21%
Accrued Expenses $3.549M $3.984M $4.035M
YoY Change -29.85% -1.26% 16.25%
Deferred Revenue
YoY Change
Short-Term Debt $306.0K $535.0K $519.0K
YoY Change 17.69% 3.08% 29.75%
Long-Term Debt Due $259.0K $442.0K $223.0K
YoY Change -8.48% 98.21% 10.95%
Total Short-Term Liabilities $5.374M $5.911M $6.139M
YoY Change -23.71% -3.71% 0.64%
LONG-TERM LIABILITIES
Long-Term Debt $1.334M $2.204M $2.646M
YoY Change -47.4% -16.7% -2.65%
Other Long-Term Liabilities $1.540M $2.554M $332.0K
YoY Change 390.45% 669.28% -17.0%
Total Long-Term Liabilities $1.334M $2.204M $2.646M
YoY Change -47.4% -16.7% -2.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.374M $5.911M $6.139M
Total Long-Term Liabilities $1.334M $2.204M $2.646M
Total Liabilities $8.248M $10.67M $9.117M
YoY Change -16.64% 17.02% -8.83%
SHAREHOLDERS EQUITY
Retained Earnings -$507.3M -$505.0M -$481.0M
YoY Change 3.69% 4.98% 7.85%
Common Stock $9.000K $8.000K $112.0K
YoY Change -91.96% -92.86% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$528.0K $827.0K $21.74M
YoY Change
Total Liabilities & Shareholders Equity $7.720M $11.50M $30.86M
YoY Change -67.85% -62.75% -50.46%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.317M -$6.067M -$9.268M
YoY Change -71.89% -34.54% 56.55%
Depreciation, Depletion And Amortization $52.00K $70.00K $64.00K
YoY Change -18.75% 9.38% -28.89%
Cash From Operating Activities $3.417M -$5.706M -$10.17M
YoY Change -154.2% -43.91% 93.59%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $8.000K $82.00K
YoY Change -117.39% -90.24% 100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.000K -$8.000K -$82.00K
YoY Change -82.61% -90.24% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 134.0K -55.00K -70.00K
YoY Change -379.17% -21.43% -100.15%
NET CHANGE
Cash From Operating Activities 3.417M -5.706M -10.17M
Cash From Investing Activities -4.000K -8.000K -82.00K
Cash From Financing Activities 134.0K -55.00K -70.00K
Net Change In Cash 3.417M -5.769M -10.33M
YoY Change -153.6% -44.13% -124.16%
FREE CASH FLOW
Cash From Operating Activities $3.417M -$5.706M -$10.17M
Capital Expenditures $4.000K $8.000K $82.00K
Free Cash Flow $3.413M -$5.714M -$10.26M
YoY Change -154.34% -44.28% 93.64%

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InterestPaidNet
18000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Organization </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0.06in;margin-top: 0;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Aspira Women’s Health Inc., formerly known as Vermillion, Inc. (“Aspira” and its wholly-owned subsidiaries are collectively referred to as the “Company</span><span id="BKMK_206" style="text-decoration: none;"/><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">”) is incorporated in the state of Delaware, and is engaged in the business of developing and commercializing risk assessment and diagnostic tests for gynecologic disease. The Company currently markets and sells the following products and related services: (1) Ova1, a blood test intended as an aid to further assess the likelihood of malignancy in women with an ovarian adnexal mass for which surgery is planned when the physician’s independent clinical and radiological evaluation does not indicate malignancy; (2) Overa, a second-generation biomarker reflex intended to maintain Ova1’s high sensitivity while improving specificity; (3) Ova1Plus, a reflex offering which uses Ova1 as the primary test and Overa as a confirmation for Ova1 intermediate range results; and (4) </span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">OvaWatch, a lab developed blood test intended to assist in the initial clinical assessment of malignancy risk in all women with an adnexal mass whose initial clinical assessments are benign or indeterminate. Collectively, these tests are referred to and marketed as OvaSuite.</span><span style="white-space:pre-wrap; font-family: 'Segoe UI', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Revenue from these sources is included in total revenue in the results of operations for the three months ended March 31, 2023.</span></p>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7535000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
253000
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CY2023Q1 awh Working Capital
WorkingCapital
4617000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-6067000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5706000
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2022Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
0
CY2023Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
0
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
540000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2023Q1 awh Prepaid Software Licenses
PrepaidSoftwareLicenses
209000
CY2022Q4 awh Prepaid Software Licenses
PrepaidSoftwareLicenses
269000
CY2023Q1 awh Prepaid Subscriptions
PrepaidSubscriptions
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CY2022Q4 awh Prepaid Subscriptions
PrepaidSubscriptions
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CY2023Q1 us-gaap Other Prepaid Expense Current
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CY2022Q4 us-gaap Other Prepaid Expense Current
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CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2023Q1 us-gaap Long Term Debt
LongTermDebt
2646000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
2718000
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LongTermDebtCurrent
442000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
403000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2204000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2315000
CY2023Q1 us-gaap Contractual Obligation
ContractualObligation
2656000
CY2023Q1 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
333000
CY2023Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
452000
CY2023Q1 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
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CY2023Q1 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
341000
CY2023Q1 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
254000
CY2023Q1 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
815000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
81000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
116000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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124000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
64000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
385000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
52000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
333000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
48000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
47000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0933
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1541000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2051000
CY2023Q1 awh Collaboration And Research Agreement Costs
CollaborationAndResearchAgreementCosts
336000
CY2022Q4 awh Collaboration And Research Agreement Costs
CollaborationAndResearchAgreementCosts
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CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
639000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3984000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3650000
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2023Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
245485
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6067000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8313091
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.73
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-6067000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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8313091
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.73
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9268000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7475936
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9268000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7475936
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.24

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